Today's picks
Nifty, Bank Nifty, JP Associates & Infosys
NIFTY
Current: 5,652 (futures: 5,675)
Target: NA
A swing session could see recovery till 5,725 or a fall till 5,575. Stop loss long positions at 5,625 and stop loss shorts at 5,700. Hold the recommended bearspread of long 5,600p (41) and short 5,500p (18) – it could gain another 15-20 if the 5,600 level is breached.
BANK NIFTY
Current price: 11,292 (futures: 11,338)
Target price: 11,150
The financial index is testing a key support. The futures could drop till the 11,125-11,150 levels. Keep a stop at 11,425 and short. Add to the position between 11,200 and 11,250. Book profits below 11,150.
JP ASSOCIATES
Current price: Rs 87.5
Target price: Rs 83
The stock bucked the trend across the real estate sector. A pullback till the Rs 82-83 level is likely tomorrow if the sector-wide downtrend continues. Keep a stop at Rs 90 and short. Add to the position between Rs 85-86. Book profits at Rs 83.
INFOSYS
Current price: Rs 2,505
Target price: Rs 2,400
If results are disappointing, Infy could slide till Rs 2,250-2,300 in the next two or three sessions. If the results exceed expectations, a bounce till Rs 2,700 is possible. Go short with a stop loss at Rs 2,550. Add to the position between Rs 2,450-2,475. Book profits or partial profits below Rs 2,400.
The target price and projected movements given above are in terms of the next one trading session, unless otherwise stated